According to information recently released from the Michigan Black
Chamber of Commerce, minority and women-owned businesses have been shut
out of the economic revitalization that has been on the rise in Detroit
in recent years.
President Obama recently declared that small businesses are
vital for the growth of the U.S. economy. According to
business data, this economic sector was awarded about $98.2 billion last
year. However, Black-owned businesses received only 7.2 percent, or
$7.1 billion, and Hispanic businesses were awarded just 8.4 percent, or
$8.21 billion. As market watchdogs point out, the awards given to these
groups are not reflecting their proportions to the total U.S.
Never mind the politics behind the debate over increasing the debt
ceiling. If the U.S. government eventually cannot pay all its bills,
will it matter to households, consumers and the economy? The
Atlanta Journal-Constitution in the past few days spoke to economists,
as well as to budget, banking and finance experts, to get the answers.
The list is out. Every year, Fortune releases a much-anticipated
compilation of some of America’s most esteemed and savvy businesswomen
who are reinventing, reenergizing and revolutionizing their industries. This year, Ursula Burns, Rosalind Brewer and Shonda Rhimes made the list.
At its annual legislative conference, the Congressional Black Caucus
Foundation announced its donation of $5 million to five African American
owned banks. Among them are Industrial Bank in
Washington, D.C.; Liberty Bank & Trust Company in New Orleans;
Mechanics & Farmers Bank in Durham; Seaway Bank & Trust Company
in Chicago and City National Bank of New Jersey in Newark.
President Barack Obama declared that the ongoing
government shutdown would have devastating ramifications for small
businesses if it continues any longer. Specifically,
the president cautioned that the shutdown would drain resources from small
businesses, which could hamper the economic recovery.